Increasing Numbers of Property Buyers Looking Overseas

As the number of British owners of overseas property rises, figures show that the emerging markets are continuing to catch up with the established destinations in popularity. The increasing difficulty of getting on the property ladder in the UK leads even first-time buyers to start their search abroad.

Estimates of the number of Britons owning overseas property vary significantly, from as few as 300,000 (Lombard Street Research) to 3.5 million (Halifax), but it is agreed across the board that the number has trebled over the last decade and is expected to double over the next few years. Spain and France are the unsurprising market leaders, but reports consistently show that the emerging markets are catching up as buyers hope to maximise their return on investment. Already, an estimated 15,000 British people own property in Turkey, and a further 10,000 in Bulgaria.

Research conducted by YouGov has found that first-time buyers, being priced out of the British market, are also increasingly looking overseas. The survey found that 47 per cent of the under 30 age group expect their first house purchase to be abroad.

The Institute of Public Policy Research puts the number of people living overseas permanently at one million, with a further 500,000 planning to move in the next five years, and 500,000 more dividing their time between living in Britain and abroad. With such a growing market for overseas property, the importance of choosing the right destination is being impressed on potential buyers.

If you wish to see the original article from the Telegraph click here